Class action


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Related to Class action: Class action lawsuit

Class action

A legal complaint filed by a lawyer or group of lawyers for a group of petitioners with an identical grievance, often with an award proportionate to the number of shareholders involved.

Class Action Lawsuit

A lawsuit that occurs when multiple people, who claim to have been wronged by the defendant in the same or a similar way, seek restitution, even if the alleged wrongs occurred at different times. For example, multiple shareholders may file a class action suit against a company if they suffered losses from similar fraudulent actions. Proponents of class actions lawsuits contend that they allow "the little guy," however defined, to seek justice. Opponents argue that they enrich attorneys and do not necessarily help the actual plaintiffs. See also: Tort reform, Class Action Fairness Act of 2005.
References in periodicals archive ?
It can be argued that it is not technically necessary to file refund claims given the filing of the class action complaint and the intransigence of the IRS with respect to such claims.
Sinyard: In Sinyard, the Ninth Circuit agreed with the Tax Court's determination that contingent attorneys' fees recovered by a plaintiff in an opt-in class action were includible in the plaintiff's gross income.
A report released in June 2002 by the Manhattan Institute revealed that class action litigation has become a blight on the reputations and economic outlooks of Madison County and Illinois:
Proposed tort reform legislation, supported by the Bush administration, would amend current law to permit any defendant to transfer a large, multistate class action from a state court to federal court when I) at least one plaintiff and one defendant are from different states and 2) the total amount in controversy is at least $2 million.
Thirty-eight percent of companies designate a single individual as accountable for all class action outcomes.
In what has been called the first wave of vanishing-premium litigation, the largest life insurers have faced purported nationwide class actions in federal court.
When attorneys file a class action, they find the tactic is very effective.
Prior to joining the firm, Stano was a partner with Jorden Burt LLP, where he concentrated on complex class action, market conduct, financial services litigation and government relations.
Class actions have become the equivalent of pointing a loaded gun at a chief executive officer's head.
Zacharias' discussion of securities class action litigation and directors and officers risk management issues, please visit www.
The number of securities fraud class actions filed in 2006 was the lowest ever recorded in a calendar year since the adoption of the Public Securities Litigation Reform Act (PSLRA) of 1995, notes the Securities Class Action Filings 2006 Year in Review report released today by the Stanford Law School Securities Class Action Clearinghouse, a joint project between Stanford Law School and Cornerstone Research.